We're taking another look at one of retirement planning's sneakiest pitfalls — underestimating your own life expectancy.

We explore why smart people make short-sighted Social Security decisions, how psychological biases can distort your thinking, and why planning to live a long time isn't pessimistic.

Then, our listener question covers the nuts and bolts of how to apply for Social Security (online, phone or in-person), a critical heads-up for widows who want to claim survivor benefits without accidentally locking in reduced retirement benefits, and what happens when spousal benefits enter the mix after one spouse files before the other.

Resources:

• The (F)Law of Averages: Episode 412
• Article by Rick Kahler of Advisor Perspectives: Underestimating Your Life Expectancy: Don't Let Your Brain Shrink Your Retirement Benefits
• Applying for Social Security benefits: ssa.gov

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